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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value | The following tables classify assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:
|  |  | Basis of fair value measurements |  |  |  |
(in millions) | Balance at September 30, 2024 |  | Quoted prices in active markets for identical items (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  | Valuation technique |  | Assets measured at NAV 1
Assets: |  |  |  |  |  |  |  |  |  |  |
Investment in equity securities | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — |  | $ | 26 |
Foreign currency contracts | $ | 11 |  |  | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | A |  | $ | — |
Net investment hedge contracts | $ | 23 |  |  | $ | — |  |  | $ | 23 |  |  | $ | — |  |  | A |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Non-current earn-out liability | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | C |  | $ | — |
Net investment hedge contracts | $ | 6 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | A |  | $ | — |
Foreign currency contracts | $ | 27 |  |  | $ | — |  |  | $ | 27 |  |  | $ | — |  |  | A |  | $ | — |
|  |  | Basis of fair value measurements |  |  |  |
(in millions) | Balance at December 31, 2023 |  | Quoted prices in active markets for identical items (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  | Valuation technique |  | Assets measured at NAV 1
Assets: |  |  |  |  |  |  |  |  |  |  |
Current earn-out receivable | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | C |  | $ | — |
Investment in equity securities | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — |  | $ | 26 |
Foreign currency contracts | $ | 33 |  |  | $ | — |  |  | $ | 33 |  |  | $ | — |  |  | A |  | $ | — |
Net investment hedge contracts | $ | 14 |  |  | $ | — |  |  | $ | 14 |  |  | $ | — |  |  | A |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Current earn-out liability | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | C |  | $ | — |
Non-current earn-out liability | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |  |  | C |  | $ | — |
Foreign currency contracts | $ | 3 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | A |  | $ | — |
Net investment hedge contracts | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | A |  | $ | — |
_____________________________ 1 Certain assets that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These amounts represent investments in commingled and managed funds that have underlying assets in fixed income securities, equity securities, and other assets and the fair values have been estimated using the net asset value of the Company's ownership interest in partners' capital. The Company’s redemption of its investments with the funds is governed by the partnership agreements and subject to approval from the general partners. With the exception of annual distributions in connection with the Company’s deemed tax liability, distributions from each fund will be received as the underlying investments of the funds are liquidated, the timing of which is unknown.
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides a reconciliation of the Company’s Level 3 earn-out assets and liabilities:
| Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(in millions) | Current earn-out receivables |  | Current earn-out liabilities |  | Non-current earn-out liabilities
Balance at January 1, 2023 | $ | 9 |  |  | $ | 21 |  |  | $ | 10 |
Contingent earn-out recognized upon acquisition or disposition | 5 |  |  | 5 |  |  | 3 |
Change in fair value of contingent consideration | (9) |  |  | (24) |  |  | — |
Balance at December 31, 2023 | $ | 5 |  |  | $ | 2 |  |  | $ | 13 |
Change in fair value of contingent consideration | 3 |  |  | (1) |  |  | (5) |
Earn-out settlements | (8) |  |  | (1) |  |  | — |
Balance at September 30, 2024 | $ | — |  |  | $ | — |  |  | $ | 8 |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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